Bitcoin has become one of the most popular cryptocurrencies in the world. It has been around since 2009 and is largely credited as the first successful cryptocurrency. In its short life, Bitcoin has seen its price skyrocket to new heights while also falling back to Earth in short and all too frequent correction cycles. Despite this volatility, Bitcoin has gone from having virtually no value to being worth thousands of dollars, making it one of the most successful investments ever.
When Bitcoin was first created, its creator, Satoshi Nakamoto, set a target of 21 million BTC. This was to ensure that no one could simply create an infinite stream of new Bitcoins and flood the market, which would severely affect its value. As of May 2021, there are 18,637,117 Bitcoins in existence, with a maximum supply of 21 million coins.
The first real-world use of Bitcoins in a transaction happened on May 22nd, 2010 when a programmer named Laszlo Hanyecz agreed to pay 10,000 BTC for two large pizzas. At the time, the prices of Bitcoin was typically between $0.0008 to $0.08, making the purchase equivalent to around $30. Since then, the price of Bitcoin has grown exponentially, making it a valuable digital asset.
In 2011, the price of Bitcoin began to rise for the first time. It had been trading around $0.30 since the start of the year, but a series of events such as the hack of the Mt. Gox exchange saw the price move higher. By July, Bitcoin was trading at $31.50, soaring nearly 10,000% from its starting price.
In 2013, Bitcoin tripled in price to hit a peak of $266 before crashing shortly afterward to $100. This massive surge came on the back of a number of positive news stories, although most of the attention was focused on the huge gains made in the first half of the year.
From there, the Bitcoin price climbed steadily to its all-time high of over $20,000 in late 2017. This was largely driven by the rising popularity of the cryptocurrency. In the summer of 2017, Bitcoin was adopted by Wall Street and institutional investors, driving up the price and creating a surge of new demand.
The subsequent price crash of 2018 was the result of a number of factors, including a regulatory crackdown on cryptocurrency, as well as general economic concerns. After hitting a low of $3,150 in December 2018, Bitcoin began a recovery in 2019 and 2020, and is currently trading above $50,000.
The Bitcoin price has been volatile since it was first created, with no clear trends or patterns emerging. Despite this volatility, it remains as popular as ever, proving its resilience in the face of various market conditions. As more institutional investors adopt Bitcoin, its future looks brighter than ever before.
“Bitcoin: A Timeline of Fascinating Price Fluctuations of the World’s First Cryptocurrency
